Much like 2022 and its numerous calamities that shook the crypto industry brought no shortage of bears and doomsayers, 2023 brought recovery and renewed enthusiasm for investors.
Indeed, many cryptocurrencies rose to highs not seen in well over a year, such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), while others, like Polygon (MATIC), while benefiting from the rally, are still significantly under even compared with their previous 2023 highs.
Still, considering that many believe that recent events have finally left the “crypto winter” in the dustbin, and given that the New Year is right around the corner, Finbold decided to ask the artificial intelligence (AI) of OpenAI’s posterchild – ChatGPT – about which cryptocurrencies it would recommend to savvy traders.
In its analysis, the AI seemingly remained level-headed, offering cryptocurrencies with a strong track record.
Bitcoin (BTC)
ChatGPT’s first pick for 2024 is the world’s foremost cryptocurrency – Bitcoin (BTC). This is hardly surprising since not only is Bitcoin, as the AI put it, a cornerstone of the market, but it has also offered a strong performance in the most recent bull run.
In addition to rather favorable sentiment toward BTC, the cryptocurrency is scheduled to undergo its halving in the first half of 2024, which has, as ChatGPT also pointed out, historically led to significant price jumps.
Ethereum (ETH)
Ethereum (ETH) is another major cryptocurrency that surged in the final months of 2023 to highs not seen in well over a year. Additionally, many experts, such as Ali Martinez, believe that it is poised to climb as high as $3,500 in the not-too-distant future, judging by a recent X post.
According to ChatGPT, its analysis concludes that Ethereum is at the bleeding edge of blockchain innovation and that it plays a pivotal role in the crypto market due to its widespread use in decentralized finance (DeFI) and non-fungible token (NFT) sectors.
Binance Coin (BNB)
Binance Coin (BNB) is one of the few major tokens not to reach impressive highs in 2023. Its staggered performance is largely caused by adverse regulatory events. Its price tanked in June when the Securities and Exchange Commission (SEC) announced its lawsuit against the cryptocurrency exchange Binance.
BNB took another hit in late November when the U.S. government announced it had reached an agreement that would see Binance plead guilty to a series of violations and pay a fine of approximately $4 billion, and Changpeng Zhao – its long-time CEO – step down also pleading guilty and paying a fine.
Despite these events, BNB has historically performed well, and ChatGPT concluded that its wide proliferation and usage outside Binance itself provides a solid argument that will significantly grow in the future.
Cardano (ADA)
Having risen more than 100% since its January 1, 2023, price to highs not seen since May 2022, Cardano (ADA) has had a very strong year, and ChatGPT believes that 2024 will be just as successful for the cryptocurrency.
In its analysis, the AI is particularly keen on ADA’s focus on sustainability, gradual growth with a focus on security and scalability, and “scientific philosophy” when it comes to development. ChatGPT also pointed toward Cardano’s Alonzo hard fork as an example of ADA’s overall strength and suggested it may drive greater future adoption and growth.
Solana (SOL)
Solana (SOL) has certainly drawn a lot of attention throughout the year due to its continued and impressive resilience and growth of nearly 800% since January 1, 2023. Its recent rise above $80 even compelled many investors to wonder if the cryptocurrency will soon climb above $100.
ChatGPT considers it a strong pick due to its navigating of previous technical challenges and highlighted Solana’s high throughput and low fees as some of the most important reasons for its past successes and likely future performance.
Indeed, Solana is well-positioned for a strong 2024, with it recently even becoming one of the crypto market’s top 5.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Tags: Cryptocurrency, Insights